The global smart manufacturing market size is estimated to reach USD 395.24 billion by 2025, registering a CAGR of 10.7% according to a new study by Grand View Research, Inc. The growing emphasis on increasing production efficiency and gaining visibility across the entire value chain are the two major factors driving market growth. In addition, the availability of advanced technologies such as 3D printing, Manufacturing Execution Systems (MES), and plant asset management solutions to small and medium enterprises is further accelerating the industry growth.
The positive impact of government initiatives and investments to promote smart manufacturing adoption has been one of the most influential factors driving smart manufacturing market growth. The fact that both industrialized countries and developing economies are aggressively pursuing this avenue is expected to further drive growth. For example, China is reportedly investing over USD 3 billion for advanced manufacturing under the Made in China 2025 program.
Automotive and aerospace & defense industries are the leading growth avenues for smart manufacturing solution providers with industries such as oil and gas and industrial equipment manufacturing rapidly scaling their digitalization efforts. With the proliferation of 3D printing, simulation, and modeling in manufacturing and design, these industries are expected to continue to maintain a significant growth rate over the forecast period. Though numerous solutions are available in the market, digital twin and real-time analytics are anticipated to spearhead the penetration of digitalization in these industries.
Further key findings from the study suggest:
• Enterprise control, asset performance management, and augmentation are expected to lead the smart manufacturing solutions landscapes with many instances of these technologies overlapping with each other.
• Collaborative robots and additive manufacturing are also playing a pivotal role in the industry’s growth. However, some manufacturing sectors are still looking for efficient ways to capitalize on them.
• While Industrial Internet of Things and control systems have been highly touted for their benefits, cybersecurity and security standards are expected to gain renewed interest in the industry.
• Major companies such as John Deere, Harley Davidson, and General Motors have successfully implemented smart manufacturing in a bid to achieve greater efficiency and effectiveness Smart manufacturing is supported by various organizations and consortiums including Industrial Internet Consortium (IIC), Smart Manufacturing Leadership Coalition (SMLC), Industrie 4.0, and MESA International, among others.